What's the Best Hot Tub

Author Topic: Tax Benefits for Prescribed Tub  (Read 2040 times)

TC

  • Guest
Tax Benefits for Prescribed Tub
« on: January 09, 2005, 07:56:43 pm »
Has anyone ever marked off their tub as a medical expense on their federal tax return?   My doctor has prescribed it due to some medical problems I have and after reviewing the rules on the IRS website I read it like this.  If your doctor prescribes any type of durable medical good and it is not a permanent piece of the house you can deduct the entire amount.  If you install a durable medical good that is a part of the house you can deduct the difference of the cost of the good and the increased value of your home.  Any attorneys/CPA's out there that can help?  Thanks.

TC

Hot Tub Forum

Tax Benefits for Prescribed Tub
« on: January 09, 2005, 07:56:43 pm »

Brewman

  • Ultimate Member
  • *****
  • Posts: 4092
  • Lead me not into temptation- I can find it myself!
Re: Tax Benefits for Prescribed Tub
« Reply #1 on: January 10, 2005, 08:09:20 am »
You should solicit the advice of the IRS (shudder), or talk to a qualified tax professional on this.
As you found out, you probably have a legitimate deduction on your hands.  As you also found out, the rules on how much you can deduct are less than clear.

One thing that bites is the hurdle on medical deductions.
You have to reduce the deduction for medical by 7.5% of your adjusted gross income.  Anything beyond that amount is allowed.  But be sure to add in all the other medical expenses the hurdle may have prevented you from using in the past.

Brewman
Brewman

wmccall

  • Global Moderator
  • Mentor Level Member
  • *****
  • Posts: 7431
    • https://www.facebook.com/BillMcCall1959/
Re: Tax Benefits for Prescribed Tub
« Reply #2 on: January 10, 2005, 08:41:41 am »
Two quick thoughts.    Independent Audits have shown that the IRS help line is wrong 40% of the time.   I believe, from what I have read that returns completed by registered tax professionals are significantly less likely to be audited and large medical expenses are an audit trigger.  If you normally do your own taxes, maybe this would be a good year to have it done?
Member since 2003.  Owner Dynasty Excalibur 2003-2012.   Sundance Majesta from 2012-current

Hot Tub Forum

Re: Tax Benefits for Prescribed Tub
« Reply #2 on: January 10, 2005, 08:41:41 am »

 

Home    Buying Guide    Featured Products    Forums    Reviews    About    Contact   
Copyright ©1998-2024, Whats The Best, Inc. All rights reserved. Site by Take 42